Plaintiffs legislation companies request $20 mln in legal fees from ATM antitrust scenario

  • Class led by firms such as Hagens Berman and Quinn Emanuel
  • D.C. judge approved $66 million settlement last 12 months involving 3 large banks

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(Reuters) – A few plaintiffs’ regulation firms have questioned a federal decide to award more than $20 million in lawful expenses as aspect of a $66 million antitrust settlement with banking institutions accused of collaborating in a plan to correct ATM costs.

The class lawyers symbolizing ATM operators and buyers reported in a petition for costs on Feb. 25 they had invested additional than 30,500 several hours in the situation due to the fact 2011, when it was filed in U.S. District Court for the District of Columbia.

A decide very last year permitted a settlement with Lender of The united states NA, Wells Fargo & Co and JPMorgan Chase & Co. Two other co-defendants, Visa Inc and Mastercard Inc, are urgent a lawful challenge in the U.S. Court of Appeals for the D.C. Circuit.

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The class damages exceed $1 billion, in accordance to the 3 plaintiffs’ companies looking for expenses: Hagens Berman Sobol Shapiro, Quinn Emanuel Urquhart & Sullivan and Mehri & Skalet.

Class legal professionals and lawyers for the three settling banks did not promptly return messages on Monday trying to get comment about the payment petition.

The bank defendants agreed to solve buyer promises that they overpaid particular rates levied on transactions at financial institution-operated ATMs.

“This is not a scenario where by plaintiffs settled speedily just after submitting their pleadings or relied on parallel responsible pleas,” the plaintiffs’ attorneys claimed in their price petition.

The corporations said their requested rate marked a 30% reduce of the total settlement fund and was “fair when when compared to awards in antitrust course steps in this district.” The lawyers also argued the “litigation required an atypically higher amount of money of pro do the job.”

They pointed to a 2021 tutorial report exhibiting the median antitrust charge award was 30% for settlements amongst $50 million and $99 million from 2009 to 2020.

Co-defendants Visa and Mastercard did not settle with the plaintiffs’ corporations and are now battling in the U.S. Courtroom of Appeals for the D.C. Circuit to overturn a course certification order.

Attorneys for the organizations explained in a current court docket submitting that demo court’s course purchase improperly integrated “uninjured” course users.

The situation is Mackmin v. Visa Inc, U.S. District Court for the District of Columbia, No. 1:11-cv-01831.

For plaintiffs: Steve Berman of Hagens Berman Stephen Neuwirth of Quinn Emanuel Urquhart & Sullivan and Steven Skalet of Mehri & Skalet

For Financial institution of The usa: Jessica Kaufman of Morrison & Foerster

For Wells Fargo: Daniel Ruzumna of Patterson Belknap Webb & Tyler

For JPMorgan: Boris Bershteyn of Skadden, Arps, Slate, Meagher & Flom

Study extra:

U.S. decide guts charge ask for in Glumetza shell out-for-delay circumstance, awards $50 mln

Course attorneys in Application Shop offer will request up to $30 mln in service fees

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